short sale negotiation presentation
DESCRIPTION
As a real estate agent, 35% of the available properties on the market are valued less than what the homeowner owes. Learn how to maximize your time to find the right sellers and concentrate on creating opportunities. Contemporary Realty\'s system takes over the process of staying in control of the listing and bringing the escrow to a faster conclusion. We work with the homeowners compelling story to move the negotiations to a convincing conclusion. Find more sellers, get more listings, close more salesTRANSCRIPT
Short Sale Negotiation
Effective Short Sale Negotiation willboost your listings, closings and referrals
Contemporary Ventures Group
Maintain control throughout the negotiation process by providing the bank with documentation that compels a decision to accept the Short Sale offer in as reasonable a time as possible.
Contemporary Ventures Group
The Goal
• Where do I focus my time and efforts?• Do I avoid pursuing short sale opportunities?• What % of my listing appointments are shortpays?• What is my short sale negotiating strategy?• How long does it take to negotiate an approval?• Where is my focus, on Prospecting or Negotiating?• Do I want to generate more business?
Ask Yourself these questions…
Contemporary Ventures Group
Short Sales Up 128 Percent in 2010 22 December 2010 Results for the first nine months of 2010 are in and Fannie Mae
had a 128 percent increase in short sales and deeds-in-lieu of foreclosure over the same period in 2009. Freddie Mac fared only slightly better, with short sales and deed-in-lieu transactions
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• More than 1 in 8 homeowners are upside-down on the mortgage and don’t know what to do. The search for a solution can be filled with misinformation and fraud which often adds more frustration to a difficult situation.
• Being educated in today’s shifting market is the most important safeguard you can take in preventing lost opportunities. Homeowners need to understand all options. The average foreclosure can cost a lender from 35-50% of the value of a property (or more).
• Distressed Property Institute “July 2010”
Contemporary Ventures Group
Contemporary Ventures Group
Contemporary Ventures Group
Contemporary Ventures Group
Contemporary Ventures Group
Contemporary Ventures Group
Contemporary Ventures Group
Factors in Short Sale
Contemporary Ventures Group
Contemporary Ventures Group
People:Documenting the Income
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People:Documenting the Expenses
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People:Documenting the Assets
Need to demonstrate to the bank that there is no chance of the homeowner catching up or meeting their obligation
Factually highlight a borrowers circumstances in a chronological fashion
Provide lender with indisputable reasoning that substantiates approving a short sale as the best decision
Documenting the Problem:Hardship Letter
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Document the PropertyMake it Personal – Brand the file
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•Market the file to the Lender’s Loss Mitigation Rep
•Create a Personal Connection, Brand with the Homeowner
•Do NOT allow the bank to “OWN” the file – make it represent real people, a family, rather than a thing
Consequences of takingBack an REO to the Lender
Contemporary Ventures Group
• Where do I focus my time and efforts?• Do I avoid pursuing short sale opportunities?• What % of my listing appointments are short pays?• What is my short sale negotiating strategy?• How long does it take to negotiate an approval?• Where is my focus, on Prospecting or Negotiating?• Do I want to generate more business?
Ask Yourself these questions…
Contemporary Ventures Group
Contemporary Ventures Group
WHAT IS YOUR REAL BUSINESS?
1. LEAD GENERATION & CONVERSION = PROSPECTING2. LISTING/SELLING = REVENUE
WHAT DETRACTS FROM YOU EXECUTING YOUR BUSINESS?
1. ANYTHING NOT INCLUDED IN NUMBERS 1 and 2 ABOVE
WHAT DO YOU REALLY WANT FROM YOUR BUSINESS?
Questions How we can be a RESOURCE for you? Conclusion
What We Can Do for You
Wrap-Up
Contemporary Ventures Group